January 27

AAPL: 121.95

0.01

When Apple announces its sales and revenue figures for the holiday quarter – calendar Q4 2016, Apple’s fiscal Q1 2017 – it will answer one crucial question. Following three straight quarters of year-on-year decline in sales, will the iPhone 7/Plus have been enough to return the company to growth, or will the quarter make it a full 12 months of decline?

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January 25

AAPL: 121.88

1.91

December 28, 2016

AAPL: 116.76

-0.50

A research note by UBS says that AAPL is the most ‘underweight’ stock in global fund management accounts, reports Business Insider. This means that they have a lower percentage of AAPL stock than you’d expect from the company’s ranking in financial indices.

If, for example, Apple represents 5% of the market value of the exchange, a fund manager would make 5% of his portfolio to have it balanced. If it’s less than this, say 2%, it’s underweight and a signal that the fund manager doesn’t think the stock will perform as well as the wider stock market or other particular stocks …

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December 19, 2016

AAPL: 116.64

0.67

Apple has finally launched its legal challenge to an EU ruling that it must pay an additional €13B ($14B) in tax after a special tax deal offered by the Irish government was found to be illegal. The Irish government had already submitted its own appeal against the ruling, stating today that ‘Ireland did not give favourably tax treatment to Apple- the full amount was paid in this case and no state aid was provided.’

On the face it, the EU case is a strong one. The deal with the Irish government – detailed in a Bloomberg analysis – meant that the vast majority of Apple’s taxes were assigned to a ‘head office’ that wasn’t tax resident anywhere in the world, and which therefore paid no taxes at all. This is how, according to the EU case, Apple effectively paid as little as 0.005% tax on billions of dollars of European sales …

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November 24, 2016

AAPL: 111.23

0.00

A Wells Fargo analyst has noted that Apple has ceased to disclose its advertising spend in its latest 10-K annual report, instead bundling it into a more general category of ‘selling, general and administrative (SG&A) expenses.’ Apple has in the past always specifically disclosed its ad spend, notes Business Insider.

Apple last year increased its ad spend by a massive 50% to a record $1.8B. While the 10-K suggests that this year’s spend is lower by one measure, Wells Fargo suggests that might not be telling the whole story …

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November 21, 2016

AAPL: 111.73

1.67

Analysts are predicting that there is no end in sight to the decline in gross margin on the iPhone. Bernstein Research analysts (via Business Insider) are predicting that it will fall below 40% for the first time next year, and fall again to 39% in 2018. Other analysts agree.

A chart put together by the firm shows iPhone margins falling from 57.7% in 2009 to 40.8% this year, arguing that the costs of making next year’s iPhone and difficulty in charging more for it in a much more competitive environment will see it fall further over the next couple of years.

Morgan Stanley’s Katy Huberty, says that, ironically, the popularity of the iPhone 7 may have contributed to pressure on margins …

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November 11, 2016

AAPL: 108.43

0.64

October 26, 2016

AAPL: 115.59

-2.66

Update: AAPL opened 3.59% down at exactly $114.

Despite Apple announcing Q4 earnings which lined-up almost perfectly with analyst expectations, the company’s shares price fell 3.26% in after-hours trading. After closing at $118.25 before the announcement, they were trading at $114.40 at the time of writing.

Although the company did report its first full-year decline in revenue since 2001, this had been predicted. Comparing the pre-announcement analyst consensus with the actual results, it’s remarkable just how close they were …

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September 22, 2016

AAPL: 114.62

1.07

September 14, 2016

AAPL: 111.77

3.82

September 8, 2016

AAPL: 105.52

-2.84

With a big question mark over whether the iPhone 7 will be perceived as a genuine new model or a second S-year, all eyes were going to be on the opening weekend sales numbers. It seems we’re not going to get the chance, however: Apple has just told CNBC that it will not be revealing this information.

The company claims that the decision was made for logistical reasons …

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September 7, 2016

AAPL: 108.36

0.66

September 1, 2016

AAPL: 106.73

0.63

SEC filings reveal that Apple CEO Tim Cook has sold a little over 600,000 of his AAPL shares over the past couple of weeks, netting him approximately $65M. He continues to hold more than a million shares worth some $110M.

The sell-off represents a substantial chunk of the stock bonuses he received last week as he reached his fifth anniversary as CEO …

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August 18, 2016

AAPL: 109.08

-0.14

Back in 2014, some of the biggest investors in the U.S. suggested that Apple could be the first company to achieve a trillion dollar valuation by market cap, having gotten two-thirds of the way there that year before later slipping. Investment site Motley Fool yesterday acknowledged that the company could indeed be just ‘one home-run product’ away from this, but made the seemingly-unlikely argument that Amazon may get there first …

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August 16, 2016

AAPL: 109.38

-0.10

One-time AAPL skeptic Warren Buffett appears to now be strongly invested in the company’s future. Just three months after it was discovered that his conglomerate Berkshire Hathaway had purchased more than a billion dollars worth of AAPL stock, a new regulatory filing reveals that the Berkshire has boosted its stake by 55% to a holding worth $1.46B, reports Reuters.

Berkshire owned 15.23 million Apple shares worth $1.46 billion as of June 30, up from 9.81 million shares as of March 31, according to a regulatory filing from Buffett’s Omaha, Nebraska-based conglomerate … 

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July 27, 2016

AAPL: 102.95

6.28

This week Benjamin and Zac talk about Apple’s ‘Carpool Karaoke’ purchase, the rumored iPhone 7 release date in context, and Apple’s latest earnings report. 9to5Mac’s Happy Hour podcast is available for download on iTunes and Apple’s Podcasts app, or through our dedicated RSS feed for Overcast and other podcast players.

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Update: That $103 price is holding steady in early trading this morning.

While Apple’s earnings weren’t fantastic, with particularly bad news in China, the market view appears to be that the numbers were better than feared. The stock price climbed sharply in the first hour of after-hours trading, jumping from $97.34 to more than $103, and has so far maintained this new level.

Business Insider did a roundup of analyst reactions, and found that with the single exception of Deutsche Bank, which rates the stock a Hold, all the others they surveyed rated it a Buy, with target prices ranging from $115 to $150 …

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July 26, 2016

AAPL: 96.67

-0.67

Business Insider gave us a steer last week on analyst expectations from Apple’s fiscal Q3 earnings report due later today, and the WSJ has now put together its own roundup of the consensus numbers analysts are expecting to hear.

Apple told us last quarter to expect revenue in the $41-43B range, with analysts anticipating that the company will land pretty much in the middle at $42.1B. Apple didn’t provide an estimate of earnings per share, but a Wall Street survey by Thomson Reuters forecasts the number at around $1.39 – a big drop on the $1.85 in the same quarter last year.

Analysts are pessimistic about iPhone numbers and revenues …

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July 22, 2016

AAPL: 98.66

-0.77

Apple has already told investors to expect a substantial year-on-year decline in Q3 earnings when it reveals the numbers next week, so it’s no surprise that analysts are mostly downbeat in their predictions for the quarter. However, there is an optimistic note in most of the analyst notes summarized by Business Insider when it comes to the outlook for 2017 …

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